CFPB Seeks Input for Joint Report on Private Student Loan Market

November 17, 2011

American Banker

The Consumer Financial Protection Bureau is requesting information from
consumers, schools, and industry players on the student loan market as it begins
work on a joint report to Congress. It is seeking such information as
underwriting criteria for student loans, repayment terms and behavior, servicing
and loan modification, and default avoidance. The notice and request for
information, published Nov. 16, follows a handful of student loan initiatives
announced by the Obama administration in October aimed at relaxing the burden of
student debt. It also highlights the priority that the agency is putting on this
niche of the financial industry. "The bureau is particularly interested in
learning what information would help students make informed decisions about
which financial services and products are right for them and what approaches
would best assist recent graduates facing (or about to face) difficulty making
private education loan payments," the notice said.Web Link - May Require Paid Subscription